Rupiah Continues to Weaken, Members of Commission XI of the Indonesian House of Representatives Ask Perry Warjiyo to Resign

JAKARTA - Member of Commission XI of the DPR from the PAN Primus Faction, Yustisio, asked the Governor of the Bank Indonesia (BI) Perry Warjiyo to consider stepping down from his position.

The request was made following the weakening of the rupiah exchange rate against the US dollar which was considered increasingly uncontrollable.

In the Working Meeting of Commission XI with BI, Monday, May 18, Primus assessed that Perry needed to show a responsible attitude towards the current economic conditions.

According to him, stepping down is not a form of humiliation, but a knightly attitude when he feels unable to carry out his duties well.

"You as the head of Bank Indonesia as the main figure must be a gentleman, sir. You have to dare to fight. What is this? Why is this? Mr. Perry, whom I respect sometimes, sometimes Mr. if we take action, gentleman is not an insult, sir. I give an example, maybe it's time now for you to resign," he said.

Primus said the current national economic condition was unusual because on one hand, Indonesia's economic growth was recorded at 5.61 percent, but on the other hand, the rupiah exchange rate continued to be depressed to touch the lowest level against the US dollar.

"Because if we look at what is happening now in relation to the duties and functions of Bank Indonesia, it is an anomaly. Our economic growth is 5.61 percent. But our rupiah exchange rate has fallen. Even now it is at its lowest record level against the dollar," he said.

He also highlighted the performance of the domestic stock market which is still lagging behind other countries.

According to him, a number of global indices have begun to recover and record strengthening after the geopolitical turmoil since the end of February, while the Indonesian market is still under considerable pressure.

"Our index is also over. It has declined. Where the world index since the missile fire war on February 28, what happened to the world index happened. In all. And they have rebounded. Even surplus. And Indonesia is currently still minus. More than 20 percent. This is how the global questions one, there are many factors," he explained.

In addition to the US dollar, Primus assessed that the weakening of the rupiah also occurred against other currencies such as the Singapore dollar, Australian dollar, Malaysian ringgit to the euro.

"But the fact and ironically, this Mr. is against all currencies. We are weak against Singapore, against Australia, against the Ringgit, against the Rial, let alone Hong Kong, dollars, euros, I still remember Mr., Euro at the beginning of 2006 it was Rp7,000 per Euro. Now it's almost Rp19,000. Almost Rp20,000," he said.

This condition, he said, shows that there are serious problems that need to be addressed immediately.

He assessed that the credibility and public confidence in Bank Indonesia had begun to decline as a result of this condition.

"Well, this has to be seen with reality, sir. We can't sit still. What is happening now, in my personal opinion, Bank Indonesia has now eliminated trust. Bank Indonesia has set aside its credibility," he said.

According to him, if the leadership of the institution feels unable to carry out their duties optimally, then stepping down from their positions can be a form of moral responsibility that will actually receive public respect, as is often the case in a number of countries such as South Korea and Japan.

"So if you resign from your position, you will be more respected, like in Korea or Japan. If you can't do your job well like that. There is nothing wrong with it," he concluded.